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Private Debt Spotlight

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Private Debt Spotlight VOLUME 2, ISSUE 8 ■ DECEMBER 2017 alternative assets. intelligent data. PRIVATE DEBT SPOTLIGHT FUNDS IN MARKET IN THIS ISSUE 324 A record 324 private debt funds are currently in market, seeking a combined $153bn in capital commitments. In this feature we put these funds under the microscope to gauge where this capital is FEATURE 2 headed. Funds in Market Find out more on page 2 FEATURE 5 Management Fees INDUSTRY NEWS 6 MANAGEMENT FEES Average management fees for private debt funds have THE FACTS been on a downward trajectory since the highs for ■ Leading Fund 7 vintage 2013 funds, dropping to a mean of 1.52% for vintage 2017 funds. Here we provide the latest figures Administrators and trends. ■ Leading Fund 8 Auditors Find out more on page 5 ■ Leading Law Firms 9 CONFERENCES 10 RECENTLY RELEASED: THE 2018 THE 2018 PREQIN PRIVATE PREQIN PRIVATE CAPITAL COMPENSATION AND EMPLOYMENT REVIEW CAPITAL COMPENSATION AND All data in this newsletter In association with: alternative assets. intelligent data. can be downloaded to EMPLOYMENT REVIEW Excel for free Order Your Copy Download Sample Pages Sign up to Spotlight, our free monthly newsletter, providing insights into performance, investors, deals and fundraising, powered by Preqin data: Alt Credit Intelligence European and US Fund Services Awards: Best Data and Information Provider | Africa Global Funds Awards 2016: Best Research and Data Provider | The Queen’s Award for Enterprise: International Trade | HedgeWeek Global Awards: Best Global Hedge SIGN UP Fund Research Provider | CAIA Corporate Recognition Award www.preqin.com/contact | [email protected] FUNDS IN MARKET FUNDS IN MARKET With 2018 just around the corner, we take a look at the private debt funds currently in market by target size, geographic focus and time spent on the road. s investors search for yield and greater Over a third (104) of the vehicles on the CAPITAL TARGETED BY INVESTMENT Aportfolio diversification, it is fitting road are being raised by first-time private STRATEGY to see an uptick in private debt offerings debt managers, which can be attributed Direct lending leads the way in terms of in market looking to attract investor to the growth of the asset class and the both number of funds (152) and aggregate commitments. As at November 2017, increase of traditional private equity firms capital targeted ($63bn), representing there are a record 324 private debt funds raising their debut private debt fund as almost half of the funds being raised and in market seeking a combined $153bn they look to gain a foothold in an asset 41% of total capital sought by private debt in capital commitments (Fig. 1). This class that is increasingly being considered funds. Mezzanine funds represent the represents a 12% increase in the number by a broad range of institutional investors. next largest number of funds in market, of funds raising capital and a 21% rise Collectively, these first-time funds are but only account for 15% of total targeted in targeted capital compared with the seeking $26bn. capital. Nearly half of the capital targeted beginning of 2017. by mezzanine funds is accounted for by GS Fig. 1: Private Debt Funds in Market by Fund Type Fig. 2: Private Debt Funds in Market by Primary Geographic (As at November 2017) Focus (As at November 2017) 160 152 200 140 180 172 120 160 100 140 No. of Funds No. of Funds 80 63 62 Raising 120 Raising 60 45 94 38 100 40 36 Aggregate Capital Aggregate Capital 23 24 80 77 19 Targeted ($bn) Targeted ($bn) 20 10 2 2 60 0 39 42 40 33 20 Debt 11 Direct 8 Debt Venture Lending Special Situations Distressed 0 Mezzanine North Europe Asia Rest of World Fund of Funds America Fund Type Primary Geographic Focus Source: Preqin Private Debt Online Source: Preqin Private Debt Online Fig. 3: Largest Private Debt Funds in Market (As at November 2017) Fund Firm Target Size (bn) Fund Type Geographic Focus 3G Special Situations Fund V 3G Capital 10.0 USD Special Situations North America Goldman Sachs Merchant Banking GS Mezzanine Partners VII 10.0 USD Mezzanine North America Division GSO Capital Solutions Fund III GSO Capital Partners 6.5 USD Distressed Debt North America Apollo European Principal Finance Fund III Apollo Global Management 4.0 USD Distressed Debt Europe Park Square Capital SMBC JV Park Square Capital Partners 3.4 EUR Direct Lending Europe OCM European Principal Opportunities Fund Oaktree Capital Management 3.3 EUR Distressed Debt Europe IV Steadfast Alcentra Global Credit Fund Alcentra Group 3.0 USD Direct Lending North America Ares Private Credit Solutions Ares Management 2.5 USD Direct Lending North America CVI Credit Value Fund IV CarVal Investors 2.0 USD Distressed Debt North America KKR Direct Lending III KKR 2.0 USD Direct Lending North America Source: Preqin Private Debt Online 2 Private Debt Spotlight | December 2017 © Preqin Ltd. 2017 / www.preqin.com FUNDS IN MARKET Mezzanine Partners VII, which is targeting an aggregate $7.8bn. This represents a 50% the current record of $5bn, which is held $10bn. Despite distressed debt comprising increase in the number of Rest of World- by 3G Capital’s vintage 2014 special just 14% of the total number of funds in focused funds raising capital compared situations fund. GS Mezzanine Partners VII market, these funds are seeking $38bn, a to the start of 2017. It is also more than would be the second largest mezzanine quarter of the targeted total capital. The double the amount of targeted capital at fund closed if the target of $10bn is average target size for distressed debt that time ($3.0bn). reached. The vehicle is part of Goldman funds is $758mn compared to $391mn and Sachs Merchant Banking Division’s series $248mn for direct lending and mezzanine MANAGER EXPERIENCE of mezzanine funds, which also raised the strategies respectively. The average The private debt market is still in an $13bn GS Mezzanine Partners V fund. size of special situations vehicles is also expansionary stage, as evidenced by 53% noteworthy at $510mn. of funds in market being a manager’s first OUTLOOK or second debt fund. In addition, only With 324 private debt funds in market as GEOGRAPHIC FOCUS 9% of debt funds in market are seeking at November 2017, targeting an aggregate There are currently 172 North America- $1bn or more (Fig. 4), compared to 17% of $153bn, there are plenty of opportunities focused funds in market, targeting an private equity funds for example. for institutional investors to deploy capital. aggregate $94bn (Fig. 2); it remains the The asset class continues to flourish, with most sought-after region in terms of both However, experienced debt managers with LP appetite for private debt exposure number of funds and aggregate capital track records are able to enter the market throughout the risk spectrum leading fund targeted. Seventy-seven funds in market with sizeable offerings. The 10 largest managers to launch new and diversified have a primary focus on Europe, targeting funds in market, as seen in Fig. 3, make funds. Due to the maturity of private debt a total of $39bn (€35bn). Not much has up 31% of total capital sought by private in North America, the region will likely changed for the region, as this is only a debt funds ($47bn). The top two funds are remain the focus of the largest number slight increase from the 73 funds that each seeking $10bn in capital for special of funds in market, as well as the largest targeted $33bn (€30bn) in January 2017. situations and mezzanine strategies. 3G amount of capital being targeted. There are 33 Asia-focused funds in market, Special Situations Fund V would be the seeking a collective $11bn, while 42 Rest of largest special situations fund to close if its World-focused funds are currently seeking target is reached, potentially surpassing Fig. 4: Private Debt Funds in Market by Target Size Fig. 5: Time Spent on the Road by Private Debt Funds in Market (As at November 2017) (As at November 2017) 100% 90% 20% 25% More than 24 9% 36% 18% 80% Months Less than $100mn 8% 70% 12% 19-24 Months 20% $100-249mn 60% 24% 20% 20% 13-18 Months $250-499mn 50% $500-999mn 40% 12% 7-12 Months Proportion of Funds Proportion 30% 37% 33% 29% $1bn or More 1-6 Months 20% 24% 10% 24% 11% 8% 12% 0% All Funds First-Time Non-First-Time Funds Funds Source: Preqin Private Debt Online Source: Preqin Private Debt Online PRIVATE DEBT ONLINE Private Debt Online is the leading source of data and intelligence on the growing private debt industry and tracks all aspects of the asset class, including fund managers, fund performance, fundraising, institutional investors and more. Constantly updated by our team of dedicated researchers, Private Debt Online represents the most complete source of industry intelligence available today, with global coverage and all fund managers and investors profiled. Get in touch today to arrange a demo of Private Debt Online: : [email protected] | : www.preqin.com/privatedebt 3 Private Debt Spotlight | December 2017 © Preqin Ltd. 2017 / www.preqin.com PREQIN GLOBAL DATA COVERAGE alternative assets. intelligent data. FUNDS OPEN TO INVESTORS FUNDS WITH FIRMS FUNDS DEALS & EXITS ALTERNATIVES INVESTMENT MONITORED PERFORMANCE COVERAGE 28,874 51,215 18,946 14,946 26,798 297,257 PRIVATE NATURAL HEDGE FUNDS REAL ESTATE INFRASTRUCTURE PRIVATE DEBT EQUITY* RESOURCES 6,848 5,256 6,062 3,215 3,048 2,966 INVESTOR Active Active Active Active Active Active COVERAGE Private Equity Hedge Fund Real Estate Infrastructure Private Debt Natural Resources LPs Investors LPs LPs Investors Investors FUND 18,213 24,751 6,756 1,238 2,407
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